Intel Chairman planning up to US$1b health-tech SPAC IPO

[NEW YORK] Intel Corp Chairman Omar Ishrak is planning to raise funds for a blank-check firm targeting deals in the health technology sector, according to people with knowledge of the matter.

Mr Ishrak, who previously ran medical device giant Medtronic Plc, could file public registration documents with the US Securities and Exchange Commission as soon as Tuesday, the people said, asking not to be identified because the information is private. Mr Ishrak is targeting to raise about US$750 million to US$1 billion for the special purpose acquisition company, or SPAC, they said.

Goldman Sachs Group Inc is leading preparations for the initial public offering, the people said. Hedge fund manager Joshua Fink, who is the son of BlackRock Inc's Larry Fink, and Medtronic executive Jean Nehme will have senior roles at the blank-check company, the people said. Mr Ishrak is poised to be chairman, they said.

A representative for Intel couldn't immediately comment on behalf of Mr Ishrak. A spokesperson for Goldman Sachs declined to comment.

SPACs, once an obscure vehicle used by a few companies to go public, catapulted to record levels in 2020, raising about US$79 billion on US exchanges, according to data compiled by Bloomberg.

That momentum has carried into 2021, with 53 blank-check companies raising US$15 billion in listings so far in January, the data show. Forty-seven more SPACs this month have announced plans to raise a combined US$11.7 billion and are awaiting IPOs.

BLOOMBERG